Tax Incentive for first time homeowners
I was reading up on the new housing bill and in the long discussion of all its implications, there was 1 sentence that perked my ears:
"It (the Bill) includes about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time home buyers for people who bought homes between April 9, 2008, and July 1, 2009. It also allows people who don’t itemize their taxes to claim a $500-$1,000 deduction on their 2008 property taxes. That chiefly benefits homeowners who have paid off their homes and can’t claim a deduction for mortgage interest."
So is this an incentive for me, a first time home buyer to buy before July 2009 to get a $7500 tax break?
In order to get that tax break, I need to pay at least $7500 in taxes first though. Right? What kind of salary is needed to pay $7500 in taxes?
I better get a job soon then. Start plugging away and giving the tax man my money.
ummm....cpact...I think it was you who was wondering about if a person should accept govt handouts...I think I would say in this case, I will definately take the handout!
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07-30-2008, 04:53 PM
